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Components of the Accounting Equation:
The financial condition of Greyco Inc. is expressed in the following accounting equation:
Assets = Liabilities + Common stock + Retained Earnings
$700 cash + $9200 land =$7000 + $2,000 + $1000
a. Are dividents paid to creditors or investors? Explain why.
b. How much cash is in the retained earnings account?
c. Dtermine the maximum dividend GreyCo can pay?
d. If the obligation to creditors is due, can Greyco repay the loan? Why or why not?
e. Suppose the land sinks into the sea as a result of an earthquake and a resulting tsunami. The business is then liquidated. How much cash will creditors receive? How much cash will investors receive? (Assume there are no legal fees or other costs of liquidation?
Tom is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of 160,000 and a charitable contribution of 10,0000.
Knox Corp. plans to sell 1,000 units in 2011 at an average sale price of $40 each. Cost of goods sold will be 40% of the sale price. Depreciation expense will be $2,500, interest expense $1,500, and other expenses will be $3,000. Wessel's tax rate..
from the balance sheetcash............................................................. 30000
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oslo company prepared the following contribution format income statement based on a sales volume of 1000 units the
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